Notwithstanding the precipitous drop in real estate prices and the problems we are currently having with mortgage appraisals, the most common complaint I hear from WMR agents every day is about the short sale process. It takes too long, documents get lost by the processors and must be re-submitted, you speak with a different person every time you call the lender and that's only after being stuck on hold forever! In general, the entire process just takes too long and is too cumbersome.
There is good news is on the horizon! The Michigan Consolidated Association of Realtors (MCAR) recently called upon its long standing relationship with Bank of America to convene a meeting with its top management to discuss the short sale processing problem.
We were informed that BOA, one of the largest mortgage lenders in Michigan, is about to launch a new website through which the short sale process can be tracked by Realtors. The site will provide real-time information and proactively advise sellers and their agents that a reserve sale value has been set. Additionally, this new web portal will be able to receive and store transaction documents digitally.
While this initiative may not sound like rocket science to many, it offers tremendous relief to practitioners involved in short sales. The communication and document submission processes will be extremely streamlined! One can hope that this system will become a model for the rest of the lending industry.
Watch for a major announcement by Bank of America regarding this project within 30-60 days.
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